Hiring, Global Economy | featured news

The estimated drop in corporate profits comes as hiring in the United States has slowed in recent months, and removes what had been an economic bright spot in an otherwise cloudy picture.

The Federal Reserve said Tuesday that the U.S. economy has improved modestly as hiring and consumer spending have risen, and it's holding off on any new steps to boost the economy. Fed officials cautioned in their statement that unemployment remains high. And it noted that global economic growth has slowed — a reference to Europe's debt crisis. They left open the possibility of taking new steps next year if the economy worsens.